Cebu bankers wish for continuity

CEBU, Philippines — The Cebu banking community has called for continuity in reforms in the banking sector amid the impending change of leadership at the Central Bank.

Cebu Bankers Club president Neil Darwin Credo said the industry expects the continuity of reforms started by Bangko Sentral ng Pilipinas Gov. Nestor Espenilla Jr. who passed away last Saturday after a year-long battle with tongue cancer.

"As of now it is business as usual as we wait for the appointment of a new governor," Credo told The FREEMAN.

"We believe everything will be fine as to the banking sector since the Monetary Board has appointed Deputy Governor Alma Cyd Tuano- Amador as OIC (officer-in-charge)," the CBC official said.

Credo pointed out the initiative of the late Espenilla in digitalization as "one thing that the banking community is trying implement, which will benefit the general public."

President Rodrigo Duterte has yet to appoint a new central bank chief.

Presumed contenders for Espenilla's post include his three deputy governors, Diwa Guinigundo, Chuchi Fonacier and Amador, the current OIC. Monetary Board member and former trade secretary Peter Favila is also rumored to be in the running.

Espenilla was appointed by Duterte on July 3, 2017.

Under his leadership, the BSP continued to pursue major reforms under the theme “Continuity Plus Plus” covering monetary and financial policies, as well as the BSP organizational structure. He also spearheaded the digitalization of the retail payment system in the country for a more inclusive and efficient financial system.

During his tenure, the amendments to the BSP charter were finally passed, strengthening the capability of the central bank to deliver its mandate to promote price and financial stability and to foster a safe, efficient and inclusive payment system.

Prior to his appointment as governor, Espenilla was deputy governor in charge of the Supervision and Examination Sector (SES), which supervises banks and non-bank financial institutions under BSP jurisdiction. 

He used to describe himself as “homegrown” having joined the central bank in 1981.